Regardless of your age or net worth, life insurance can be an essential component of your overall financial planning process. This is because the proceeds that your survivors will receive from life insurance coverage can help to ensure that they will not run into vast financial hardship in case of the unexpected.
For example, life insurance benefits, which are received free of income taxation by the beneficiary, can be used for ongoing living expenses, as well as for paying off large debts such as a mortgage balance, therefore making sure that those you love and care about will be able to go on financially.
Getting approved for the life insurance coverage that you need, though, may not always be easy. For instance, if you have certain adverse health conditions, it could make you more of a risk for a life insurance company to take on. Likewise, those who are smokers and tobacco users may also find that the assistance of an independent life insurance brokerage can help to find good coverage and a more affordable premium rate.
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How Can Tobacco Affect Your Life Insurance Application?
Being a tobacco smoker can have an effect on your life insurance coverage and on your premium rates. This is because there are many different health issues that can be caused by smoking – and in turn, that can impact your life expectancy.
Therefore, if an applicant for life insurance coverage is a smoker, they will typically be considered to be a higher risk to the insurance carrier. Just some of the effects of smoking tobacco may include:
- Coronary heart disease
- High blood pressure (you can still obtain life insurance with high blood pressure)
- COPD (Chronic Obstructive Pulmonary Disease)
- Decreased bone health
- Lung cancer (as well as many other types of cancer, such as bladder, blood, cervix, colon, rectum, stomach, pancreas, liver, larynx, kidney, esophagus, and ureter)
- Loss of teeth (and other dental related issues)
- Decreased immune function
- Rheumatoid arthritis
Also, if you already have certain health conditions, such as asthma, smoking tobacco can either trigger an asthma attack and / or make an attack worse.
Although many people may believe that cigarettes are the only thing that will count you as being a smoker in terms of life insurance, the reality is that many life insurance companies can consider a much longer list of activities as being in the category of “smoker.” These may include the following:
- Chewing tobacco
- Electronic cigarettes (also referred to as personal vaporizers, e-cigarettes, e-cigs, and / or electronic nicotine delivery systems)
- Nicotine patches
- Nicotine gum
When applying for life insurance, you will also usually have to take a medical exam, unless you look into the option of a no medical exam life insurance policy, which will also lead to higher premiums. This consists of meeting with a paramedical professional who will take a blood pressure and a heart rate reading from you, as well as a blood and a urine sample.
Even if you are just an occasional tobacco smoker, it will be important that you disclose this information on the application for coverage. This is because the nicotine in your system will show up on the samples that you provide.
If you do omit this information, and in the future, your death is found to have been caused by a smoking-related illness, it is possible that your life insurance policy may not pay out the benefit to your beneficiary. This can cause those that you care about to endure financial hardship.
How Much Does Life Insurance for Tobacco Smokers Cost?
The premium that is charged for life insurance coverage can differ from one insurance carrier to another. However, typically the price that you’ll pay for your policy will be based on several key factors, such as your gender and your age, as well as the type and the amount of life insurance coverage that you’re applying for.
If you have certain health issues, these can also factor into the overall premium that you’ll pay for life insurance – and often, the insurance company will want to know more about such adverse health issues that you may have. The insurer will also want to know if you are a smoker.
If you do smoke tobacco, it is likely that the life insurance company will want to know how much you smoke, how long you have been smoking tobacco, and other pertinent details. In many cases, though, the cost of life insurance for a tobacco smoker can oftentimes be in the range of two to three times more than that of someone who is a non-smoker, with all other factors being equal.
Because all life insurance companies may underwrite the coverage in a somewhat different manner, though, it can be extremely helpful to compare different life insurance policies and carriers before moving forward.
What If You Don’t Qualify for a Traditional, Medically Underwritten Life Insurance Policy?
If you are not able to qualify for a traditional, medically underwritten life insurance policy, it does not mean that you will have to go without coverage altogether. In this case, there are other possible options, such as a guaranteed issue policy.
With a guaranteed issue life insurance policy, you cannot be turned down for coverage – even if you have certain health issues. Therefore, as long as you pay the premium, this coverage will remain in force.
While the amount of the proceeds that are typically offered on a guaranteed issue policy are often smaller than those of a traditional life insurance policy, this alternative can still provide your loved ones with some amount of proceeds to go on.
How to Find the Best Premium Rates on Life Insurance for Tobacco Smokers
If you smoke or use any type of tobacco product, it is important that you shop and compare several different life insurance policy options before making your purchase decision. This is because not all insurance companies will underwrite smokers and tobacco users in the same way – and because of that, there may be carriers in the marketplace that can provide you with a better tobacco user rate.
When you are in the process of finding life insurance coverage as a tobacco smoker, we can help. That is because we work with many different life insurance companies, and we can provide you with the information that you need quickly and conveniently – and from there, you will be better able to determine which plan may be best for you. If you are ready to proceed, then just simply take a brief moment to fill out the quote form on this page.
Should you find that you have any additional questions about getting life insurance for tobacco smokers – or even if you just happen to have a question or concern regarding life insurance in general – please feel free to contact us directly. We can be reached toll-free via phone by dialing 888-229-7522.
We understand that finding the best life insurance as a tobacco user may seem somewhat challenging. But the good news is that by comparing your coverage options, you are much more likely to find the protection that you need at an affordable price. So, contact us today – we’re here to help.